As the only stock Rodriguez added to in the fourth quarter, process equipment solutions company Veeco Inc. has been in the fund’s portfolio since the third quarter of 2011, starting off with 225,000 shares. Today, FPA Capital sits with 420,500 shares.

Veeco is engaged in providing process equipment solutions to enable the manufacturing of LEDs, power electronics, hard drives and wireless chips. Its stock is currently up 1.91 percent this afternoon, trading at $30.92. GuruFocus ranks the company 9 in Financial Strength and 7 in Profitability and Growth.

In its latest fiscal results for its third quarter, Veeco revealed that it generated $46 million in cash flow from operations, and that its revenue of $127 million for the quarter was in line with its expectations.

For the entire 2012 year, Veeco forecasts that its revenue will be over $500 million, delivering double-digit profitability growth.

According to its 10-Year Financials, Veeco has had a 10-year revenue growth rate of 5.5 percent. Its free cash flow growth in five years is 29.8 percent.

Veeco’s market value delivered 31.29 percent in the last year, but declined 6.88 percent in the last three years.

About the author:

Dianne Tordillo

Dianne Tordillo is staff writer for GuruFocus.com. She reports on a variety of financial news, primarily dealing with investor portfolios and stock trades. Her articles also highlight insider trades, as well as the many useful features of GuruFocus.

Comments

"We reduced Veeco Instruments (VECO) in the mid-to-high $30s because it approached fair valuation and our channel checks suggested that the metal organic chemical vapor deposition market, used to produce high-brightness LEDs, will remain under pressure for a while longer. We trimmed the position before the stock slid over 20% from its 52-week high."

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